SunTrust Bank MD Halima Buba Faces Trial for Alleged $12M Money Laundering Scheme
On July 17, 2025, the Federal High Court in Abuja commenced the trial of Halima Buba, Managing Director of SunTrust Bank, and Innocent Mbagwu, the bank’s Executive Director and Chief Compliance Officer, accused of laundering $12 million in violation of Nigeria’s Money Laundering (Prevention and Prohibition) Act, 2022.
The Economic and Financial Crimes Commission (EFCC) alleges that the duo facilitated cash-for-transfer foreign exchange swaps totaling $12 million for businesswoman Aisha Achimugu between March 10 and March 20, 2025, bypassing formal banking channels. Both defendants pleaded not guilty to a six-count charge during their arraignment on June 13, 2025, and were granted bail of N100 million each, with one surety in like sum, pending trial.
Witness Testimony Details Rapid Transactions
Suleiman Chiroma, a former Bureau de Change operator and the EFCC’s first prosecution witness, testified before Justice Emeka Nwite, detailing how Buba and Mbagwu allegedly orchestrated the $12 million swaps in just 10 days. Led by EFCC counsel Ekele Iheanacho (SAN), Chiroma stated: “She [Achimugu] told me she had some forex transactions to carry out with the bank. I immediately called the first defendant, Halima Buba, who confirmed she was aware of the deal.”
He explained that Achimugu, whom he met through Buba in 2021, sought dollar inflows for her company, Oceangate Energy Oil & Gas, domiciled at Zenith Bank, to purchase an oil block.
Chiroma described a series of cash transactions:
March 10, 2025: A man named Iliya delivered $1 million in cash at SunTrust’s Abuja branch, which Chiroma confirmed with Buba.
He contacted Hassan Dankali of Ashrap Ltd, who sent Tijjani Adamu to collect the funds.
March 13, 2025: Abdulkadir Mohammed collected $1 million and another individual, Kabiru, picked up $2 million in Abuja. Achimugu informed Chiroma of a $1 million payment at the Lagos branch, which Buba confirmed via WhatsApp, though Mbagwu initially denied knowledge.
Buba sent Chiroma a screenshot of her chat with Mbagwu, who later authorized Muktar Miko to collect the cash. An additional $2 million was collected in Lagos on the same day.
March 14, 20, and 24, 2025: Further tranches of $2 million each were collected, totaling $12 million, with Buba coordinating Abuja transactions and Mbagwu overseeing those in Lagos.
Chiroma noted: “In all the transactions, I made a profit of N15 million.”
He also testified that Achimugu conducted separate naira-to-dollar exchanges, with naira credited to accounts and dollars transferred to Oceangate Energy. WhatsApp messages between Chiroma and Buba, along with a certificate of identification, were admitted as Exhibit P1, despite objections from defense counsel J.J. Usman (SAN) and M.S. Ibrahim (SAN), who reserved arguments for the final address.
EFCC Allegations and Legal Context
The EFCC charges allege that Buba and Mbagwu violated Sections 21(a), 2(1), and 19(1)(d) of the Money Laundering Act by aiding cash payments without financial institution oversight. For instance, one charge states: “That you, Halima Buba, Managing Director/Chief Executive Officer SunTrust Bank Ltd, and Innocent Mbagwu, being the Executive Director/Chief Compliance Officer SunTrust Bank Ltd on the 10th day of March, 2025 in Abuja… aided Femi Gbamgboye to make a cash payment of the sum of Three Million United States Dollars ($3,000,000) to Suleiman Muhammed Chiroma and associates without going through a financial institution…”
The trial follows a contentious history, including a stalled arraignment on May 27, 2025, due to the defendants’ absence, rescheduled to June 4 after disputes over service of charges. Additionally, in April 2025, the EFCC allegedly coerced SunTrust to transfer N11 billion linked to Achimugu’s Felak Concept Group Ltd to a CBN recovery account without a court order, prompting legal challenges from Achimugu and the bank.
Next Steps
Justice Nwite adjourned the trial to July 18, 2025, for further proceedings. The case, drawing attention to compliance in Nigeria’s banking sector, underscores the EFCC’s crackdown on illicit financial flows, with potential implications for regulatory oversight.
